Condo Cash Buyers Back Off from Big Overbids

Cash buyers continue to make a strong showing in the San Francisco market, accounting for 20% of transactions that closed over the past three months.

But when it comes to houses vs condos, these condo buyers are pulling back from big overbids. The average overbid was only 2.32% vs 10.26% for house buyers. And only 9% of cash condo sales saw overbids of 20% or more—possibly indicating a less frothy Spring condo market.

Here’s a look at San Francisco cash buyers by the numbers, as reported by the San Francisco Multiple Listing Service (MLS) from December 2015 – February 2015:

SINGLE-FAMILY HOMES
Total number of houses sold: 418
Houses sold for all cash: 86
Average overbid: 10.26%

Number houses overbid by 20%+: 25 (29%)
Neighborhoods with 20%+ overbids
Inner/Central Sunset; Sunnyside; Glen Park; Noe Valley; Buena Vista/Ashbury Heights; Hayes Valley; Marina; Potrero; Inner/Outer Richmond

Average sale price, cash transactions: $1,506,121
Number sold, less than $1M: 41
Most aggressive overbid
428 Collingwood in Eureka Valley, a 3Br house that was in the same family for 60 years. List price was $1.2M, and the property was sold for $1,875,000 to Ecohome2 LLC. So you know where one of the next 4,000-square foot rebuilds will be popping up in the future.

CONDOS
Total number of condos sold: 421
Condos sold for all cash: 87
Average overbid: 2.32%

Number condos overbid by 20%+: 8
Neighborhoods with 20%+ overbids
SoMa/South Beach; Mission; Marina; Diamond Heights, and oddly, 601 Van Ness/Opera Plaza

Average sale price, cash transactions: $1,457,988
Number sold, less than $1M: 34
Most aggressive overbid
The 1BR condo at the ClockTower Lofts building at 461 2nd Street. List price was $1,170,000, and the buyers paid $1,450,000. This was also the most expensive 1BR condo sold.

Comments are closed.

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

Back to Top

Back to Top

Show All
Marina
Mission